News
Bitcoin ETFs show ‘staying power,’ says top analyst
Alex Dovbnja
After their breathtaking record-breaking debut earlier this year, Bitcoin ETFs are showing strong staying power
Continue reading U.TODAY
Google News
Second leader analyst Eric Balchunas, Bitcoin Exchange Traded Funds (ETFs) are proving to be resilient.
These products are currently on a 15-day inflow streak, performing on par with some of the major ETFs.
Balchunas noted that Bitcoin’s ability to bounce back with “renewed interest” after several major sell-offs is “rare.”
According to ETF analyst Nate Geraci, the iShares Bitcoin Trust (IBIT) has now surpassed $20 billion in assets under management. In less than five months it managed to reach the above-mentioned level, which is the current record.
On Monday, spot Bitcoin ETFs attracted inflows worth $105 million. Fidelity’s product led with $77 million. “Relentless. Thoughts and prayers to the anti-crypto crowd. This has to hurt,” Balchunas said while commenting on the recent string of inflows.
The analyst recently noted that Fidelity’s Bitcoin ETF represents a staggering 56% of the total flows recorded by the Boston-based financial giant. BlackRock’s IBIT also represents more than a quarter of all flows recorded by the asset manager.
Hong Kong-based Bitcoin spot ETFs are also seeing some appreciation from investors, recording inflows worth $31.73 million on Monday. It’s their best day to date. These ETFs began to severely underperform shortly after their much-hyped debut.
It remains to be seen whether the current string of inflows will allow Bitcoin to regain the $70,000 mark.
Meanwhile, analysts are discussing upcoming Ethereum spot ETFs that have yet to start trading in the United States. However, JPMorgan expects these ETFs to be attractive inflows lower than expected.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.